The answer is yes and soon. If you want to use the USDA Home Loan program you better act Quickly. See th letyter below.
SFH Origination News
From the National Office in Washington DC
Single Family Housing Guaranteed Loan Program
March 10, 2010
Notice of Funding
This message is to notify you that program funding for the Single Family Housing Guaranteed Loan Program will likely be exhausted by the end of April, 2010.
Once funding is exhausted, the Agency will not issue Conditional Commitments “subject to receipt of appropriated funds.” This is because it is not certain when additional funding will be available.
Limited funding may become available for disaster areas declared in 2008, or in disaster areas declared for Hurricanes Katrina and Rita. Limited funding may also become available as prior Agency commitments are de-obligated, however, such funding will be very limited.
We apologize for any inconvenience this may cause you. Should you have any questions, you may contact the Single Family Housing Guaranteed Loan Division at (202)720-1452.
To unsubscribe from this list, please do the following:
Go to http://www.rdlist.sc.egov.usda.gov and enter your email address and click on the “SFH Servicing News” checkbox and then click on the “Unsubscribe” button.
To Subscribe to this list or other available lists or unsubscribe an old email address and subscribe a new email address, go to http://www.rdlist.sc.egov.usda.gov and enter your email address and click on the appropriate e-mail list(s) to which you wish to subscribe and then click on the “Subscribe” button.
The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or part of an individual’s income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at (202) 720-2600 (voice and TDD). To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or call (800) 795-3272 (voice) or (202) 720-6382 (TDD). USDA is an equal opportunity provider, employer, and lender.
USDA Rural Development home loan versus an FHA Home Loan...
Click the eligibility maps above to see if you area qualifies for a USDA Home Loan.
If you are currently renting now may be the time to consider buying.
In many areas of the country it is now it is cheaper to purchase a home than to rent one.
When comparing always figure what your property taxes and homeowners insurance will be in addition to your principle and interest payment.
For example, if you are considering a $150,000 home with no down payment your monthly principle and interest payment would be approximately $829 per month.
Estimated property taxes $2000 per year.
Estimated homeowners insurance $800 per year.
Divide each of these by 12 and add them to your principle and interest payment to figure your total monthly payment.
principle and interest payment $829
Monthly property taxes $167
Monthly homeowner insurance $67
Total monthly payment (piti) $1063
With the $8000 tax credit now is a great time to stop renting and purchase a home of your own.
Apply Now... It's Fast And Free
Congress voted to extend the $8000 tax credit and added a $6500 tax credit for current home owners.
The tax credit was extended till April 30th 2010. With this extension as long as you signed a contract to purchase by this date you have till July 1st 2010 to close.
The senate approved it yesterday and president Obama is expected to sign off by the end of the week.
To qualify for the $8000 tax credit you must be a first time home buyer which is anybody that has not owned a home in the last three years.
To qualify for the $6500 you must be a current homeowner that has lived in thier home for five of the last eight years.
Income limits apply to both options.
Now is the time to buy!
Ok, you cash buyers can wait till the last minute which is November 30th 2009.
The rest of us must do something quick to meet the deadline. With mortgage underwriting times running from 30-60 days, time is running out. You must find a home soon if you expect to take advantage of the of the tax credit. If you buy a 100k home your credit would be $8000. If you buy a 75k home your tax credit would be $7500. That's alot of money. What can you do with that money? Anything you want. Buy furniture for your new home. Payoff a car or another debt. Take a vacation.
First time buyers are anybody who has not owned a home in the last three years.
It's cheaper to own than rent in alot of areas.
You can buy a 100k home with No Money Down for about $595 per month plus taxes and insurance and get $8000 bucks. Wow, that sounds like a pretty good deal.
USDA Home loans offers 100% financing at great rates.
Apply Now for NO MONEY DOWN financing.
The best first time home buyer programs are offered by USDA rural development and USDA Home Loans.
NO down payment required.
Perfect credit is not needed.
Seller can pay all closing costs.
Low interest rates and payments.
No monthly mortgage insurance.
Time is running out on the $8000 tax credit. You must close on your home by November 30th to Qualify.
To take advantage of the tax credt you must be a first time home buyer or not have owned a home in the last 3 years.
Rural USDA mortgages are not just for rural areas anymore. The eligibility maps were created years ago before cities started sprawling into rural areas. Many areas that were previously rural are now considered suburban. Check out the eligibility map button on the top of this site to determine what areas of your state and counties qualify. You will probably be pleasantly surprised.
Income requirements are very generous with income limits from $70000 to $95000 depending on how many dependents you have. You can click the USDA income eligibility button at the top of this site to determine if you qualify.
Interest rates are currently 5.5% to 5.75% with no monthly mortgage insurance.
First time home buyers and people that have not owned a home for 3 years also qualify for an $8000 tax credit. This program must be taken advantage of by November 31st, 2009. This credit is like cash. If you normally receive a $1500 tax refund you will receive $9500. Wow now is the time to buy. Get approved for Free now...
Apply for a USDA Home Loan Now with no application fee...
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